Business News
Singapore's Tiger Airways posts net profit, reversing losses
Nov 2, 2010, 12:24 GMT
Singapore - Singapore budget carrier Tiger Airways Holdings Ltd on Tuesday posted a net profit of 14.1 million Singapore dollars (10.9 million US dollars) for the quarter that ended September 30, reversing a loss of 2.3 million Singapore dollars from a year ago.
The profitable results were 'driven by revenue improvement and cost containment,' the Singapore-listed airline said in a statement.
Revenue for the second quarter of its financial year rose 35.4 per cent year-on-year to 143.5 million Singapore dollars, it said.
Tiger Airways said passenger numbers in the quarter reached 1.42 million, up from 1.14 million in the same period a year ago, while its load factor - the number of passengers as a percentage of available seats - climbed 2.4 percentage points to 87 per cent.
'Forward bookings remain strong,' chief executive Tony Davis said.
Established in 2004 and partly owned by the national flag carrier, Singapore Airlines Ltd, Tiger Airways currently flies to 38 destinations across Asia and Australia, using a fleet of 21 aircraft.
In August, Tiger Airways signed an agreement with Thai Airways International PCL to jointly invest in and manage Bangkok-based low cost carrier Thai Tiger, set to start operation in 2011.
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